I am puzzled that you (a real estate pro) are asking this question. Maybe you could let us know?
At any rate, for those readers wondering about the answer, there are some great posts with very good advice. I' ll see if I can add some items not addressed so far:
1. What are you not happy about? I think you need to be more specific in order to receive advice that will help you.
2. It's been listed for three months. I don't see anything unusual about that. I believe that Florida is a buyer's market overall, so average days on market on probably over 90 days, meaning that you probably have a 180 days listing term, is that right?
Most of the time when sellers are unhappy it's because their home has not sold. Second to that is usually communication. According to the 2006 Seller Survey (Calif Association of Realtors) that is one of seller's pet peeves.
The reasons that homes do not sell vary, however the number one reason is price.
Did your Realtor show you a Comparable Market Analysis before you listed your home?
Who's price is it? Compared to the market, was it on the low end or high end?
In a buyer's market pricing your home "below" market is usually the best strategy. Starting high, the "chasing the market" , will usually net the seller less.
Did you and your Realtor discuss what would happen if
a) You had showings and low offers
b) Showings and no offers
c) No showings?
The single biggest issue is communicating clear expectations before hand, then following up on a regular basis, usually once a week, so as the seller you know the market.
How many new listings have come on the market, how many listings that are active have reduced their price?
How many listings have sold since yours when on the market?
How many listings have been cancelled or expired?
When you home has been shown, have you received feedback from the Realtor?
Have you reduced the price or changed your marketing in the last 90 days?
Have you approved all marketing? MLS information, print ads, mailers? What does your home look like on Trulia? Realtor.com?
What is the broker feedback?
If you don't know the answers to these questions, then you and your Realtor definitely have a communication issue.
Remember,. we don't make the market, we simply work in it, just like your stockbroker. If the Realtor is simply not communicative, then ask to speak with his/her broker. If you are both communicating, then show him/her this post.
If the truth is that the Realtor has been advising you to lower your price, and you are not selling until you 'get your price', then I would say it appears that you are not listening to the market. Another Realtor will bring the buyer 90% of the time, according to the CAR Buyer Survey 2006. If brokers are not showing your home, it's probably over-priced. If it is being shown, what is the feedback? If you don't have feedback that's a problem. if you have feedback and are ignoring it (like lower the price) then that's a problem!
If homes like yours have sold since your home was listed, you have a probem.
The solution is not complicated.
The pain of a price reduction is not optional.
Suffering with long market time in a buyer's market is optional.
Post more detail if you need help.
Questions need to be asked on why you are not happy - AND is it something that can be controled.
Example: You as a seller can control price, condition of you home. Your realtor can control marketing and communication. Howver, Neither can control market conditions or the number of homes in competition with yours to be sold. All of these and more factor into why a home does OR does not sell.
If you are not able to resolve your situation with the realtor, your next course of action is to talk with the Broker of the real estate firm. Remember, you are listed with the real estate company. The broker may be able to offer you some additional solutions that the agent may not have.
Ultimately remember, we as real estate professionals are not in business to place a chain around our clients necks. If a Seller is truly unhappy, there are always solutions and we want Sellers and Buyers to have the best experience possible. Hope this helps
This is the third tip in our series: â€œ12 Tips for Buying Real Estate in Southwest Floridaâ€ which is also available as a free eBook at http://www.AckermanSWFL.com/ebooks/.
On the other end of the spectrum, successful and reliable agents, while experts in marketing and sales, are experts in negotiation and advisement when you are selling or buying your home. Knowing what to look for and how to pick an agent will ensure that the process goes seamlessly and quickly.
Many horror stories have circled about agents pushing expensive listings (that yield maximum commission), their own listings, or demanding that buyers make decisions on few options before they are ready to do so.
Real estate agents are a dime a dozen. The most important aspect of the buying or selling process is knowing how to pick the right agent who will keep your best interests in mind.
Make sure that you mesh well with the personality of your agent. You will inevitably spend a lot of time with your agent discussing deals whether youâ€™re buying or selling. Trust must be established with an agent that you get along with before a successful transaction can occur on either side of a deal.
Choose an agent that has experience in selling real estate in general as well as in your desired area. An experienced agent that specializes in one area in particular is usually the first to know about great deals in your desired neighborhood, often before they come onto the market.
In our free eBook 12 Tips for Buying Real Estate in Southwest Florida, we also give you two specific questions to ask your agent that will help you determine if you should hire them or not. Download it today.
If youâ€™re having trouble choosing an agent out of the thousands of real estate agents here in Southwest Florida, Contact us today. A.J. Ackerman & Associates will be happy to answer all your questions.
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
Ask your real estate agent:
â€¢Is this your full time job? An agent can only dedicate as much time to your listing or finding you the right home as they spend working day to day. Find a dedicated agent who will be working for you when you need them and not on a part time basis when it suits them.
â€¢What are the comparable sales in the area? By knowing how much the surrounding homes are selling for, as a buyer you can make a competitive offer. As a seller, you can set a reasonable sales price.
Choose an agent with knowledge and experience. The most market savvy individuals who see your relationship as lifelong are the right people to guide you through the process.
Download my free eBook 12 Tips to Buying Real Estate in Southwest Florida to learn about the importance of hiring an experienced real estate agent.
Contact A.J., The Real Estate Professional, today! Or call 239-565-7867.
Do you have a copy of a written marketing proposal submitted by the agent? Does it outline the services and commitments made by the Realtor? If the agent has not lived up to the representation and commitments made, you may have grounds for requesting a release.
If you and your agent attempted a plan that had fewer marketing components than you now believe are needed, renegotiate the terms. Depending upon the original fee structure, if there is a substantial change or increase in the marketing services delivered, that may also have to be addressed.
If your agent has failed to deliver on commitments, address that first directly with the agent, and then the broker, if necessary. If that be the cause of your disatisfaction, and a remedy is not in sight, request a release.
You really need to refer your question back to the listing contract you signed. In there, states what the agentâ€™s duties to you are and what your duties to them are. If there seems to be a breach of contract that the agent has defaulted on, than I would approach them armed with this written agreement and ask them to â€œCancelâ€ the listing. Often times, you have much better luck communicating with the Owner of the company or the Broker of record, as your contract is not with the individual agent, rather with the company as a whole.
Melissa Mancini, Realtor, CBR, GRI
If your agreement has expired, you need to interview several agents to find out which one will best be able to sell your home effectively.